Despite the US dollar killing stocks, commodities and competing currencies, bitcoin (BTC) is holding steady between $19,000 and $20,000, leaving the mainstream media with no choice but to play up BTC.
The American Daily The New York Times highlighted the 6.5% rise in BTC over the past seven days He noted that this attracted the attention of cryptocurrency bulls and bears. Meanwhile, Fortune magazine’s crypto column also compared bitcoin’s impressive performance to other assets such as the Japanese yen, Chinese yuan, and gold, besides the euro and the pound.
With the failure of fiat currencies like the Euro and the British Pound to hold their own against the United States Dollar (USD), the mainstream media began to put bitcoin (BTC) in the spotlight for its steady performance.
On the other hand, Proactive media stated in its title that it could be “time to go all in on bitcoin”. Although the title was brushed off as sarcasm in the content of the article, the author pointed out that the majority of institutional investors are looking to end the current crypto hibernation.
Meanwhile, Australian news site news.com.au featured experts speaking positively about bitcoin and blockchain use cases. Some experts have even predicted that BTC price could reach a new all-time high of $100,000.
Also read: Cryptocurrencies Baffle Mainstream Media, But Should Blockchain Advocates Care?
Meanwhile, when the British pound hits a new all-time low against the US dollar, the limited supply of bitcoin could give it an edge against the pound. According to the financial site Porkopolis Economics, the rate of issuance of the pound has been 11.2% per year since 1970, while BTC has a rate of 1.7%. BTC therefore has a much lower issuance rate, potentially widening the gap between the two currencies.
The price of bitcoin isn’t the only crypto scoop making headlines in the mainstream media lately. Earlier in September, the mainstream media also set their sights on Ethereum and its recent move to a consensus mechanism similar to Proof of Stake (PoS).